Friday Closing Livestock Market Update -

GENERAL COMMENTS:

Cattle futures posted a strong two-day market slide, closing the month of February with a less than optimistic view. Aggressive triple-digit losses seen in all live cattle and feeder cattle futures Friday added to the growing concern that the ability to hold recent price values and carry the higher wholesale beef values into the spring and summer months is adding to the general market pressure. Lean hog trade seems to be holding in very well despite being surrounded by market weakness in nearly all other markets Friday. Steady to moderately lower moves in nearby lean hog futures kept overall lean hog markets away from the liquidation pressure seen in cattle trade. Hog prices closed lower on the Daily Direct Afternoon hog report, down $0.62 with a weighted average of $90.38 on 5,079 hogs. May corn closed up 5 at $4.485 and May soybean meal closed down $0.40 at $320.5. The Dow Jones Industrial Average is down 521.28 at 48,977.92.

From Friday to Friday, livestock futures scored the following changes: February live cattle off $2.57, April live cattle off $9.78; March feeder cattle off $12.60, April feeder cattle off $13.85; April lean hogs up $2.05, April lean hogs up $2.05; April pork cutout unchanged, May pork cutout unchanged.

LIVE CATTLE:

Live cattle futures tumbled aggressively lower Friday as traders focus on a combination of technical and fundamental pressure through the entire beef complex. Although lightly traded February contracts posted much lower losses, the main focus was on the April to June contracts, which spent most of the trading session trading between $4 and $5 per cwt lower. This move lower started Thursday with active late-day pressure flooding into the market and sparked continued liquidation through the end of the week. With Friday also being the last trading day of February, this will add to monthly chart pressure through the entire live cattle contracts. Friday's moves also pushed April contracts below the 100-day moving average level for the first time in 2026, which added even more technical pressure to soon to be spot month contracts, as well as the entire live cattle complex. Strong late week outside market pressure in financial trade added to the short- and long-term market uncertainty, as the recently volatile cattle market has quickly attracted non-traditional traders focusing on multiple markets. Cash cattle markets remain under pressure with light trade reported in parts of the South at $244, $5 lower than last week's weighted averages. A few live deals are also being reported in parts of Nebraska. More business needs to take place at some point today, but it is possible that producers are not willing to accept the lower money that is on the table today. Light business took place in the North Thursday with dressed deals marked at $382 to $384, mostly $383, $5 lower than last week's weighted averages. A very light trade was reported in parts of the South with live trade taking place at $243 to $245.

February live cattle closed $2 lower at $244, April live cattle closed $4.68 lower at $232.225 and June live cattle closed $4.25 lower at $229.15. 

Friday's slaughter is estimated at 86,000 head, 3,000 head less than a week ago and 21,000 head less than a year ago.

Boxed beef prices closed higher: choice up $1.88 ($379.77) and select up $3.46 ($374.25) with a movement of 73.17 loads (54.03 loads of choice, 4.41 loads of select, 6.32 loads of trim and 8.41 loads of ground beef).

MONDAY'S CATTLE CALL: Steady to $1 lower. Active market pressure in cash cattle and futures trade at the end of the week is expected to limit early week interest in cash cattle markets. Both sides are likely to remain on the sidelines early in the week next week.

FEEDER CATTLE:

Feeder cattle futures added to the already bearish market tone of the week Friday, as traders quickly back further away from any market buying activity. This led nearby feeder cattle future to post double-digit losses for the week as traders continue to look for signs of support across the entire cattle complex. Following Thursday's break below the 40-day moving average, future active losses of $7 to $8 per cwt through many nearby contract months seemed to scream warning signs of further technical liquidation across the entire complex. Spot March feeder cattle futures have now fallen over $15 per cwt below February highs set two weeks ago, with additional concerns that without renewed support in outside financial markets, traders may continue to view feeder cattle futures overpriced despite any fundamental and market supply data that may contradict this thought process. End of the month position adjustments are also likely to be taking place with traders squaring up books heading into the month of March.

March feeders closed $6.23 lower at $355.425, April feeders closed $7.55 lower at $351.2 and May feeders closed $8.10 lower at $347.2. The CME Feeder Cattle Index for Feb. 25: down $0.38, $372.79.

LEAN HOGS:

Lean hog futures closed mixed in generally quiet trade across the lean hog complex Friday. Despite the aggressive market losses developing in cattle futures trade, lean hog futures seemed to be willing to hold the previous pattern as traders continue to focus more on potential fundamental support through spring and summer months. April lean hog futures remained unchanged after trading mostly higher through the majority of the trading day. Light to moderate spill over pressure from outside markets leaked into summer lean hog contracts, but even these market losses were not enough to change the current market trend seen in lean hog futures.

April lean hogs closed steady, May lean hogs closed $0.23 lower at $100.125 and June lean hogs closed $0.38 lower at $109.55. Friday's hog slaughter is estimated at 477,000 head, 34,000 head more than a week ago and 2,000 head less than a year ago. Pork cutouts totaled 269.40 loads with 244.99 loads of pork cuts and 24.41 loads of trim. Pork cutout values are up $0.39 at $97.77. The CME Lean Hog Index for Feb. 25: up $0.41, $89.12.

MONDAY'S HOG CALL: Steady. Market stability and stable processing schedules are expected to limit early week cash hog price direction early Monday morning. This could keep markets generally stable heading into the month of March.

Friday Midday Livestock Market Summary - Cattle Futures Markets Tumble

GENERAL COMMENTS:

Sharp losses in feeder cattle futures are leading the entire live cattle market lower. Initial market weakness seen Thursday across the cattle market led to additional concerns in both live cattle and feeder cattle futures. The overall lack of buyer support seems to be focused not only on outside market moves, but technical and fundamental pressure in both live cattle and feeder cattle markets seems to be building through the end of the week, leaving room for additional end-of-month weakness as traders look to close the books on February. May corn is up 3 at $4.465 and May soybean meal is down $2.00 at $318.9. The Dow Jones Industrial Average is down 579.61 at 48,919.59.

LIVE CATTLE:

Live cattle futures have posted active pressure across all futures contracts, with spot month February contracts trading $2 per cwt lower, while other nearby contracts are trading $3 to $3.60 per cwt lower. Continued strong pressure in outside markets is adding additional pressure to the entire live cattle complex. Cash cattle markets are starting to improve with light trade reported in parts of Kansas at $244, $5 lower than last week's weighted averages. A few live deals are also being reported in parts of Nebraska. Some bids are now on the table in Texas, but so far, they are being passed. Packer inquiries will continue to improve as the day progresses. February live cattle are $2.00 lower at $244.00, April live cattle are $4.30 lower at $232.60 and June live cattle are $4.10 lower at $229.30. 

Boxed beef prices are Higher: choice up $1.08 ($378.97) and select up $3.44 ($374.23) with a movement of 48.35 loads (38.87 loads of choice, 2.46 loads of select, no loads of trim and 7.02 loads of ground beef).

FEEDER CATTLE:

Feeder cattle futures are leading the market lower Friday morning as buyer support seemed to crack during the Thursday trading session. The overall lack of buying interest stepping into the market during initial trade Friday in outside markets seemed to leave even more pressure flooding into the complex. Spot month contracts are holding the best at this point with prices over $5 per cwt lower at midday, while other nearby contracts are holding $7 to $7.50 per cwt losses as traders have not only focusing on outside market pressure, but also a lack of market stability through the entire beef complex at the end of the month. March feeders are $6.28 lower at $355.37, April feeders are $7.78 lower at $350.975 and May feeders are $8.53 lower at $346.775.

LEAN HOGS:

Lean hog futures once again are the quiet and more stable livestock market of the complex, with prices mixed within a very narrow trading range despite the aggressive selling pressure flooding into both the cattle trade and outside financial markets. April futures continue to trade higher through the morning and heading into midday, with a 30-cent gain developing. The rest of the complex remains slightly under pressure with losses of 5 to 15 cents per cwt holding in most nearby contracts. The overall lack of direction in both pork market technical trade as well as stability in market fundamental direction through late February seems to be a welcome relief compared to the market pressure across other markets. April lean hogs are $0.35 higher at $96.075, May lean hogs are $0.05 lower at $100.3 and June lean hogs closed steady. Hog Prices are lower on the Daily Direct Morning Hog report, down $0.88 with a weighted average of $90.97, ranging from $86.50 to $91.00 on 2,438 head with a five-day rolling average of $91.03. Pork Cutouts totaled 178.30 loads with 163.99 loads of pork cuts and 14.31 loads of trim. Pork cutout values are down $1.19 at $97.55.

Friday Morning Livestock Market Update - Stage is Set For Lower Cash Trade

GENERAL COMMENTS:

Cattle fututes came under selling pressure at the opening bell as traders did not find support from weekly export sales of 12,900 metric tons (mt), down from the previous week. The strike at the JBS plant is an uncertainty that may have triggered some long liquidation. The three days of registration for workers that took place before the strike were completed Thursday, leaving the potential for the strike to take place at any time. This may have influenced some feedlots to sell some cattle on Thursday $3.00 to $4.00 lower. The impact on the market is uncertain and a choice was made to sell at lower prices rather than take a chance. Trading was light, but likely set the stage for cash trade Friday. Boxed beef prices were mixed, with choice down $1.34 and select up $3.72. Friday is the last day to trade the February live cattle contract.

Hog futures were mixed, with nearby contracts lower and deferred contracts higher. Weekly sales of 42,600 mt were strong, up 56% from the previous week. That failed to provide further support to the market. Futures have been increasing each day this week and traders needed to see further support from cutouts to maintain the trend. Traders turned more cautious in the nearby contracts, likely due to month-end positioning as well. The National Daily Direct Afternoon Hog report showed cash down $0.21. Lower prices are expected again Friday. Pork cutout values declined $0.24 at $97.38.

	BULL SIDE		BEAR SIDE
1)	Cattle supplies are tight and lower cash prices may not last long as packers will need to purchase cattle to meet demand.	1)	Lower cash cattle prices are expected due to some light trade, likely setting the stage for the week.
2)	Even if a strike takes place at the Greeley plant, it would likely be short-lived. A settlement would increase trader buying interest.	2)	The potential strike at the Greely plant continues to cast a cloud over the market.
3)	August and later contracts closed at new highs again, supporting the uptrend and buying interest.	3)	Hog futures have been increasing steadily over the past two weeks, with the potential for liquidation ahead of the end of the month.
4)	Strong weekly export sales keep pork moving to international buyers, adding to the increasing domestic demand.	4)	Hog futures are not overbought, but the steady increase in futures over the past two weeks may trigger some profit-taking.

Thursday Closing Livestock Market Update - Nervousness Steals the Cattle Complex's Momentum

GENERAL COMMENTS:

It was a disappointing day for the livestock complex, as both the futures contracts and the fed cash cattle market traded lower. At this point, only a handful of cattle have been traded in the North, but prices have been roughly $5.00 lower. May corn is up 1 1/2 cents per bushel and May soybean meal is down $0.90. The Dow Jones Industrial Average is up 17.05 points and the NASDAQ is down 273.70 points.

Thursday's export report shared that beef net sales of 12,900 mt for 2026 were down 12% from the previous week and 23% from the prior 4-week average. The three largest buyers were Japan (4,500 mt), Mexico (1,900 mt) and South Korea (1,900 mt). Pork net sales of 42,600 mt for 2026 were up 56% from the previous week and 16% from the prior 4-week average. The three largest buyers were Mexico (25,600 mt), Japan (4,000 mt) and Colombia (2,800 mt).

LIVE CATTLE:

Thursday was a disappointing day for the live cattle complex as the market caved to pressure both from a fundamental and technical standpoint. Throughout the day, the futures contracts traded lower as traders remained anxious without knowing what was going to come of the potential union strike at the JBS plant in Greeley, Colorado, and that, unfortunately, had a negative effect on the fed cash cattle market too. Some light trade was reported in the North at $383, which is $5.00 lower than last week's weighted average. Some asking prices are being noted around $388 to $390 dressed in the North, and $250-plus live in parts of the South. April live cattle closed $3.37 lower at $236.90, June live cattle closed $3.30 lower at $233.40 and August live cattle closed $3.02 lower at $231.57. More than anything, Thursday's trade was a disappointment as anxiety seemed to rob both the market's fundamental and technical facets. 

Thursday's slaughter is estimated at 103,000 head, 9,000 head less than a week ago and 16,000 head less than a year ago.

Boxed beef prices closed mixed: choice down $1.34 ($377.89) and select up $3.72 ($370.79) with a movement of 85 loads (55.98 loads of choice, 8.11 loads of select, 9.69 loads of trim and 10.98 loads of ground beef).

FRIDAY'S CATTLE CALL: Steady. At this point, it's looking like the market may not be able to achieve higher prices this week with the doggish undertone weighing heavily against the complex.

FEEDER CATTLE:

The feeder cattle complex also saw a major setback in terms of price as the contracts closed $4.00 to $5.00 lower. More than anything, traders saw the price deterioration in the live cattle complex and simply decided that the market couldn't trade higher without the support of the live cattle contracts. March feeders closed $4.65 lower at $361.65, April feeders closed $5.27 lower at $358.75 and May feeders closed $5.35 lower at $355.30. At the Winter livestock Auction in Pratt, Kansas, compared to last week, feeder steers weighing 600 to 975 pounds traded $5.00 lower to $8.00 higher. Steer calves weighing 400 to 600 pounds sold $8.00 to $13.00 higher, with places of $30.00 to $40.00 higher at times. Feeder heifers weighing 650 to 925 pounds sold steady to $4.00 lower, and at times $10.00 lower. Heifer calves weighing 425 pounds to 650 pounds sold $10.00 to $20.00 higher. Feeder cattle supply over 600 pounds was 82%. The CME feeder cattle index 2/25/2026: down $1.62, $373.17.

LEAN HOGS:

The lean hog complex closed mixed Thursday afternoon as the market wasn't able to push its nearby contracts any higher without the support of stronger pork cutout values. April lean hogs closed $0.47 lower at $95.72, June lean hogs closed $0.25 lower at $109.92 and July lean hogs closed steady at $112.05. Unless pork demand improves, it's unlikely that traders will push to really see the contracts scale higher in the near future.

Hog prices closed lower on the Daily Direct Afternoon Hog, down $0.21 with a weighted average price of $91.00 on 2,545 head. Pork cutouts totaled 342.54 loads with 301.00 loads of pork cuts and 41.54 loads of trim. Pork cutout values: down $0.24, $97.38. Thursday's slaughter is estimated at 493,000 head, 8,000 head more than a year ago and 6,000 head more than a year ago. The CME lean hog index 2/24/2026: up $0.36, $88.71.

FRIDAY'S HOG CALL: Lower. At this point, packers have likely secured the inventory they needed for the week already.

Thursday Midday Livestock Market Summary - Mixed Tones Dominate Complex

GENERAL COMMENTS:

The livestock complex is trading mixed into Thursday's noon hour as the cattle contracts would like to see stronger fundamental support because the market's resistance pressure is growing stronger; the lean hog complex also is mixed. Bids are currently being offered in Nebraska and Texas but no cattle have traded yet. May corn is steady and May soybean meal is steady. The Dow Jones Industrial Average is down 164.11 points and NASDAQ is down 381.12 points.

Thursday's export report shared that beef net sales of 12,900 mt for 2026 were down 12% from the previous week and 23% from the prior 4-week average. The three largest buyers were Japan (4,500 mt), Mexico (1,900 mt) and South Korea (1,900 mt). Pork net sales of 42,600 mt for 2026 were up 56% from the previous week and 16% from the prior 4-week average. The three largest buyers were Mexico (25,600 mt), Japan (4,000 mt) and Colombia (2,800 mt).

LIVE CATTLE:

The live cattle complex is trading mostly lower into Thursday's noon hour as the market seems to be holding its breath, unsure what's going to shake out in this week's fed cash cattle market and whether or not a strike is going to happen at JBS's plant in Greeley, Colorado. And with the market nearing resistance pressure, traders are simply unwilling to advance the contracts without further fundamental support. There are bids currently on the table in Nebraska and Texas, but no cattle have traded yet. Asking prices are noted at $388 to $390 in the North and at $250-plus in the South. April live cattle are down $3.47 at $236.80, June live cattle are down $3.42 at $233.27 and August live cattle are down $3.22 at $231.37.

Boxed beef prices are mixed: choice down $0.24 ($378.99) and select up $3.79 ($370.86) with a movement of 49 loads (28.44 loads of choice, 5.69 loads of select, 4.04 loads of trim and 10.55 loads of ground beef).

FEEDER CATTLE:

The feeder cattle complex is feeling the full effect of the market's underlying uncertainty as its contracts are trading $5.00 to $6.00 lower into Thursday's noon hour. Without seeing the live cattle contracts trading higher -- and still no reassurance as to what's going to come of this week's fed cash cattle trade -- the feeder cattle contracts are left to trade sharply lower. March feeders are down $6.05 at $360.25, April feeders are down $6.57 at $357.45 and May feeders are down $6.57 at $354.07.

LEAN HOGS:

After an impressive seven-day rally, some of the nearby lean hog contracts are trading slightly lower into Thursday's noon hour. April lean hogs are down $0.25 at $95.95, June lean hogs are down $0.12 at 110.05 and July lean hogs are up $0.05 at $112.10. With pork cutout values down again slightly, traders may be opting to reel back their support of the contracts until the market's fundamentals improve.

The projected CME Lean Hog Index is delayed from the source. Hog prices are lower on the Daily Direct Morning Hog Report, up $0.88 with a weighted average price of $90.97, ranging from $88.00 to $93.00 on 1,465 head and a five-day rolling average of $90.89. Pork cutouts total 169.03 loads with 145.92 loads of pork cuts and 23.11 loads of trim. Pork cutout values: down $0.32, $97.30.

Thursday Morning Livestock Market Update - Cattle Markets Grapple With Uncertainty

GENERAL COMMENTS:

Traders turned a bit more aggressive in cattle futures on Wednesday. The cloud over the market is whether there will be a strike at the JBS Greeley plant. There is hope that a last-minute settlement will take place; otherwise, it could have an impact on the cash cattle trade. There has been no cash trade so far this week, and it is doubtful that trade will take place today. Boxed beef prices were higher, with choice up $1.80 and select up $1.06. Packers continue to reduce slaughter. This should support boxed beef prices, but the reduced slaughter could also be the result of tight cattle supplies. The other aspect of that is that cattle weights are heavy, which somewhat makes up for the tighter cattle supplies.

Hogs have been surprisingly strong and continue to either regain more of the recent losses or make new highs, depending on the contract. It is interesting that even though futures have regained the losses that developed due to an overbought market, the market is not overbought, even with later contracts making new highs. Technically, the market has more to go before being overbought. The National Daily Direct Afternoon Hog report did not show any price change due to no information being released on Tuesday. The weighted average price was reported at $91.21. Pork cutout values increased by $0.67.

	BULL SIDE		BEAR SIDE
1)	Cash cattle are expected to be no worse than steady, even if there is a strike at the JBS plant. Packers need cattle to meet beef demand.	1)	If the JBS plant strike moves forward, cash cattle prices could trade no better than steady with last week and possibly decline as other plants would have more access to cattle.
2)	Higher boxed beef prices again on Wednesday should provide further support to futures today.	2)	Cattle futures have had difficulty breaking through price resistance, which may indicate a threshold has been reached.
3)	Hog futures have been in a strong uptrend and may continue this way, as the market is not overbought, with traders remaining optimistic about demand.	3)	Weekly hog weights declined 0.6 pounds but remain 3.3 pounds above a year ago.
4)	Weekly hog weights declined by 0.6 pounds to average 291.4 pounds.	4)	Now that hog futures have regained the losses, it will take continued strong fundamentals to move the market much higher.

Wednesday Closing Livestock Market Update - Traders Continue to Push Contracts Higher

GENERAL COMMENTS:

With more than enough technical support backing the complex, the livestock contracts were able to successfully rally through Wednesday's close. Still no cash cattle trade has surfaced. May corn is up 3 1/2 cents per bushel and May soybean meal is up $7.40. The Dow Jones Industrial Average is up 307.65 points and the NASDAQ is up 288.40 points.

LIVE CATTLE:

The live cattle complex ended the day stronger as traders were able to push the contracts modestly higher through the day's end. We still haven't heard any official news on whether or not a strike could happen at the JBS plant in Greeley, Colorado, but today that didn't seem to be as big a burr under traders' saddles as it was on Tuesday. April live cattle closed $1.17 higher at $240.27, June live cattle closed $1.15 higher at $236.70 and August live cattle closed $1.07 higher at $234.60. Still no cash cattle trade has developed and both bids and asking prices remain elusive at this point. 

Wednesday's slaughter is estimated at 110,000 head, 3,000 head less than a week ago and 12,000 head less than a year ago.

Boxed beef prices closed higher: choice up $1.80 ($379.23) and select up $1.06 ($367.07) with a movement of 99 loads (60.22 loads of choice, 7.73 loads of select, 17.33 loads of trim and 14.05 loads of ground beef).

THURSDAY'S CATTLE CALL: Steady/somewhat higher. If a strike does indeed happen, there's a chance prices may hold steady, but if no strike occurs, feedlot managers will again aim to see prices trade higher.

FEEDER CATTLE:

With the live cattle market's stronger support, the feeder cattle contracts were able to close higher as well Wednesday afternoon. March feeders closed $1.20 higher at $366.30, April feeders closed $1.82 higher at $364.02 and May feeders closed $2.17 higher at $360.65. The market will likely run into some resistance pressure around $370, which could cause traders to hold the market steady or push it slightly lower at that point. At Creston Livestock in Creston, Iowa, compared to their last feeder cattle auction two weeks ago, feeder cattle traded steady, but a higher tone was noted on the heavier yearlings, cattle weighing 850 to 900 pounds sold $3.00 to $5.00 higher. Heifers weighing 500 to 700 pounds sold steady, but those weighing heavier traded $3.00 to $5.00 stronger. Feeder cattle supply over 600 pounds was 94%. The CME feeder cattle index 2/24/2026: down $0.62, $374.79.

LEAN HOGS:

Without having any concern about resistance pressure currently, the lean hog complex was able to continue with its rally through Wednesday's close. April lean hogs closed $0.40 higher at $96.20, June lean hogs closed $0.15 higher at $110.17 and July lean hogs closed $0.27 higher at $112.05. It was exciting to see the $3.45 jump in the rib, and the $3.21 jump in the belly, both of which helped push the carcass price higher Wednesday afternoon. Hog prices on the Daily Direct Afternoon Hog Report averaged $91.21, on 7,605 head, and a five-day rolling average of $91.01. Pork cutouts totaled 280.56 loads with 233.28 loads of pork cuts and 47.28 loads of trim. Pork cutout values: up $0.67, $97.62. Wednesday's slaughter is estimated at 492,000 head, 9,000 head more than a week ago and 7,000 head more than a year ago. The CME lean hog index 2/23/2026: up $0.18, $88.35.

THURSDAY'S HOG CALL: Lower. At this point, packers have been very active in the cash market this week, and prices could trend lower later in the week.

Wednesday Midday Livestock Market Summary - Prices Trend Higher

GENERAL COMMENTS:

Thus far Wednesday has been fruitful for the livestock complex as all three of the markets are higher. Still no cash cattle trade has developed, and it's likely trade will be delayed until Friday again this week. May corn is up 4 1/4 cents per bushel and May soybean meal is up $6.90. The Dow Jones Industrial Average is up 245.49 points and NASDAQ is up 261.58 points.

LIVE CATTLE:

Although we still haven't heard whether or not there will be a union strike at the JBS plant in Greeley, Colorado, traders seem comfortable advancing the contracts Wednesday morning. April live cattle is up $2.02 at $241.12, June live cattle is up $2.00 at $237.55 and August live cattle are up $1.92 at $235.45. Still no cash cattle trade has developed and it's most likely trade will be delayed until Friday. If a plant strike does happen in Colorado, then there's a chance prices may trade steady as opposed to higher as not as many cattle would be needed in the immediate future.

Boxed beef prices are higher: choice up $1.92 ($379.35) and select up $0.75 ($366.76) with a movement of 59 loads (34.16 loads of choice, 4.69 loads of select, 8.08 loads of trim and 11.88 loads of ground beef).

FEEDER CATTLE:

Upon seeing the live cattle complex step out and comfortably trade higher, the feeder cattle contracts are logging a sizeable rally ahead of Wednesday's noon hour. March feeders are up $2.90 at $368.00, April feeders are up $3.45 at $365.65 and May feeders are up $3.77 at $362.25. So long as nothing sends the live cattle contracts tumbling lower, the feeder cattle contracts will likely be able to sustain this rally through the afternoon.

LEAN HOGS:

The lean hog complex is continuing to trade higher, keeping with what is now a seven-day rally as traders continue to drive the market higher upon the technical interest they've recently found. It's been interesting to watch the market's fundamentals play out over the last seven trading days as pork cutout values have been mostly mixed, but packer interest in the cash market has been better. April lean hogs are up $0.55 at $96.35, June lean hogs are up $0.30 at $110.32 and July lean hogs are up $0.40 at $112.17.

The projected CME Lean Hog Index for 2/24/2026 is up $0.36 at $88.71 and the actual index for 2/23/2026 is up $0.18 at $88.35. Hog prices on the Daily Direct Morning Hog Report average $91.85, ranging from $85.00 to $93.00 on 4,920 head and a five-day rolling average of $90.87. Pork cutouts total 189.01 loads with 160.07 loads of pork cuts and 28.94 loads of trim. Pork cutout values: up $1.50, $98.45.

Wednesday Morning Livestock Market Update - Uncertainty Remains in the Cattle Market

GENERAL COMMENTS:

The February live cattle contract is heading for completion and will end trading on Friday. It may show limited volatility as the contract winds down. Cash cattle have not traded, but the overall sentiment is for higher prices. The union at the JBS Greeley plant is hosting a three-day registration event for the strike, with the last registration day on Thursday. Union workers must sign up to take part in a potential strike that has not yet occurred. This potential strike is keeping traders cautious as it is uncertain what impact it would have on the market. The current slaughter continues to run at a slower pace than a year ago. The slower slaughter pace may have finally done what packers have been hoping for -- increased boxed beef prices. On Tuesday, choice cuts jumped $8.21 and select increased $1.70.

Hog futures pushed higher with nearby April leading the way. The December and later contracts made new contract highs with six days of consecutive gains in all contracts. The strong cash price on Monday was unusual and indicated that packers needed hogs and aggressively bid for them. It seems odd that packers did not submit prices on Tuesday on the National Daily Direct Afternoon Hog report despite a volume of 11,211 hogs traded on a negotiated basis. No price change was reported nor a weighted average price. Pork cutouts declined $0.45. The slaughter pace continues to exceed that of a year ago and most often the previous week.

	BULL SIDE		BEAR SIDE
1)	Cash cattle are anticipated to trade higher this week and futures will need to move in line with cash.	1)	The uncertainty of the impact of a strike at the JBS Greeley plant may keep traders cautious and unwilling to push futures higher.
2)	Boxed beef had an incredible jump in the choice price on Tuesday. The slower slaughter pace is not due to reduced demand.	2)	Packers were able to purchase some cattle ahead of last week. They may not need to be as aggressive this week, with steady cash as a possibility.
3)	Hog futures regained more of the recent loss with the December and later contracts making new highs.	3)	Hog futures have regained most of what was lost in the recent decline. It may be difficult to see more upside without further fundamental support.
4)	Increased slaughter indicates improved pork demand. More consumers are turning to pork.	4)	Packers purchased quite a few hogs so far this week. They may be less aggressive the rest of the week in the cash market.

Tuesday Closing Livestock Market Update - Most Livestock Contracts Close Higher

GENERAL COMMENTS:

Although some of the live cattle contracts were pressured to trade lower earlier Tuesday, by the afternoon's close most of the live cattle contracts closed higher, along with the feeder cattle and lean hog contracts too. Still no cash cattle trade has developed. March corn is up 1/4 cent per bushel and May soybean meal is up $1.90. The Dow Jones Industrial Average is up 378.64 points and NASDAQ is up 243.33 points.

LIVE CATTLE:

The live cattle complex had a change of tune throughout Tuesday as initially the nearby contracts were concerned with the idea of trading higher as that may be biting off too much risk. However, as the day moved onward, traders grew more confident and eventually allowed the nearby live cattle contracts to join the deferred contracts in an upward trend. Aside from the spot April contract, the rest of the live cattle complex was able to close higher Tuesday afternoon as traders were pleased to note the uptick in boxed beef prices. April live cattle closed $0.15 lower at $239.10, June live cattle closed $0.10 higher at $235.55 and August live cattle closed $0.17 higher at $233.52. Still no trade has developed in the fed cash cattle market and no bids or asking prices have surfaced either. It's most likely trade will be delayed until Thursday or Friday. 

Tuesday's slaughter is estimated at 111,000 head -- 4,000 head less than a week ago and 11,000 head less than a year ago.

Boxed beef prices closed higher: choice up $8.21 ($377.43) and select up $1.70 ($366.01) with a movement of 102 loads (71.17 loads of choice, 10.13 loads of select, 5.18 loads of trim and 15.80 loads of ground beef).

WEDNESDAY'S CATTLE CALL: Higher. Even though packers were able to get a sizeable volume bought and committed to the nearby delivery option last week, they'll still need to remain engaged and active in the market to ensure they've got enough inventory for the weeks ahead.

FEEDER CATTLE:

The feeder cattle complex was able to round out the day higher as the live cattle contracts changed their direction and closed mostly higher too. Traders simply felt the market was in a safe enough position to justify a slightly higher end to the day regardless of what the live cattle contracts did. March feeders closed $0.80 higher at $365.10, April feeders closed $0.85 higher at $362.20 and May feeders closed $0.50 higher at $358.47. At Oklahoma National Stockyards in Oklahoma City, Oklahoma, compared to last week feeder steers and heifers traded steady to $3.00 lower, and those weighing 600 to 700 pounds traded $10.00 to $15.00 higher. Steer calves traded steady to $5.00 higher and heifer calves sold up to $25.00 higher. Feeder cattle supply over 600 pounds was 70%. The CME Feeder Cattle Index 2/23/2026: down $0.39, $375.41.

LEAN HOGS:

Without fear of running into immediate resistance pressure, the lean hog complex continues to rally day after day. This push seems to be a technical rally as, although cash prices have been higher, pork cutout values have been a tick softer. April lean hogs closed $2.10 higher at $95.80, June lean hogs closed $1.70 higher at $110.02 and July lean hogs closed $1.42 higher at $111.77. The biggest deterrent in this afternoon's cutout report was the $2.64 decline in the picnic, and the $2.49 decline in the ham -- both of which pulled the carcass price lower. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $2.32 with a weighted average price of $91.28 on 5,601 head. Pork cutouts total 337.86 loads with 292.56 loads of pork cuts and 45.30 loads of trim. Pork cutout values: down $0.45, $96.95. Tuesday's slaughter is estimated at 489,000 head -- 6,000 head more than a week ago and 5,000 head more than a year ago. The CME Lean Hog Index for 2/20/2026: up $0.22, $88.17.

WEDNESDAY'S HOG CALL: Steady/somewhat lower. Given that packers have bought fairly aggressively early this week, there's a chance they're still short bought and could need more hogs, or are mostly done buying for the week.NES

Tuesday Midday Livestock Market Summary - Except for a Couple of Nearby Live Cattle Contracts, the Complex is Trending Higher

GENERAL COMMENTS:

The livestock complex is trading mostly higher as we head into Tuesday's noon hour. Aside from a couple of nearby live cattle contracts, the rest of the livestock complex is trending mostly higher. Still no cash cattle trade has developed and it's likely trade won't surface until Thursday or Friday. March corn is down 3/4 cent per bushel and May soybean meal is up $1.20. The Dow Jones Industrial Average is up 413.31 points and NASDAQ is up 251.57 points.

LIVE CATTLE:

The live cattle complex is continuing to trade mixed as it's unclear whether or not an agreement was reached at the JBS packing plant in Greeley, Colorado, to avoid a union plant strike. This uncertainty has the nearby contracts trading slightly lower, while the deferred contracts are currently trading mildly higher. Still no cash cattle trade has developed, and it's unlikely any trade will surface ahead of Thursday or Friday. April live cattle are down $0.25 at $239.00, June live cattle are down $0.17 at $235.32 and August live cattle are down $0.02 at $233.32.

Boxed beef prices are higher: choice up $6.65 ($375.87) and select up $1.79 ($366.10) with a movement of 58 loads (39.59 loads of choice, 4.96 loads of select, zero loads of trim and 13.79 loads of ground beef).

FEEDER CATTLE:

The live cattle complex may be trading mixed, but the feeder cattle contracts have found a little more support and are currently fully higher moving into Tuesday's noon hour. More than anything it seems the market is no longer up against immediate resistance pressure, which is why traders are comfortable to now allow the contracts to push slightly higher. March feeders are up $0.70 at $365.00, April feeders are up $0.87 at $362.15 and May feeders are up $0.90 at $358.87.

LEAN HOGS:

The lean hog complex is keeping with its recent trend and is trading higher into Tuesday's noon hour. April lean hogs are up $2.02 at $95.72, June lean hogs are up $1.75 at $110.10 and July lean hogs are up $1.50 at $111.85. This morning pork cutout values are down slightly, but prices were stronger Monday and the market remains far enough away from technical resistance pressure that traders are comfortable advancing the contracts at this point in time.

The projected CME Lean Hog Index for 2/23/2026 is up $0.18 at $88.35, and the actual index for 2/20/2026 is up $0.22 at $88.17. Hog prices are unavailable on the Daily Direct Morning Hog report because of confidentiality. However, we can see 6,271 head have traded this morning and that the market's five-day rolling average sits at $89.33. Pork cutouts total 175.93 loads with 158.00 loads of pork cuts and 17.93 loads of trim. Pork cutout values: down $0.20, $97.20.

Tuesday Morning Livestock Market Update - Uncertainty May Result in Further Liquidation

GENERAL COMMENTS:

Cattle futures were expected to trade higher in response to the Cattle on Feed report, but after spending some time in positive territory, the uncertainty of the impact of a potential strike at the JBS Greeley plant took center stage. This overrode any other bullishness present in the market. The strike has not yet taken place, but 99% of the workers voted for a strike and picket signs are being made. The plant in Greeley is a major packing plant and would disrupt a substantial supply of beef and tallow. It is uncertain whether that would cause cattle prices to decline, as other packing plants will continue to operate and need to increase chain speed to take up the slack. Boxed beef prices were higher on Monday, with choice up $2.53 and select up $3.57.

Hog futures posted steady gains on Monday with limited fanfare. Traders continue to support the market after the recent sell-off, anticipating increased demand from high beef prices. Futures have regained more than half of their losses with prices closing higher for five consecutive days. The National Dairy Direct Afternoon Hog report showed cash up $2.32, moving the weighted average price up to $91.28. It is very unusual for packers to be this aggressive at the beginning of the week. They may be more aggressive today and obtain the hogs they need earlier in the week. Pork cutout values increased by $1.79. This combination should provide further support to the market.

	BULL SIDE		BEAR SIDE
1)	Lower placements on the Cattle on Feed report should support the market as supplies will remain tight.	1)	The uncertainty of the impact of a potential strike at the JBS Greeley plant will keep traders uncertain and willing to liquidate long positions to preserve a profit.
2)	There has been no definite date set for a strike at the JBS Greeley plant. If it gets settled, the market will rebound quickly.	2)	The inability of cattle futures to close the chart gaps may signal that the market may be running out of steam, with further strength difficult to find.
3)	Packers being aggressive with hog purchases on a Monday is rare. Demand may be increasing significantly, and they need to get their hands on more hogs.	3)	Packers may purchase hogs early in the week and then step back, resulting in lower cash developing the rest of the week.
4)	Hog futures have regained more than half of the recent losses as traders are comfortable buying with the trend.	4)	Hog futures have regained more than half of the losses and may be in line with where they should be. This may limit further gains and may develop a sideways trading pattern.

Monday Closing Livestock Market Update - Cattle Close Lower While Hogs Inch Higher

GENERAL COMMENTS:

It was a mixed day for the livestock complex as the cattle contracts closed lower in fear of what may develop with the potential union strike at the JBS plant in Greeley, but the lean hog contracts closed higher as demand remains strong. New showlists appear to be mixed, lower in Kansas and Texas, but higher in Nebraska/Colorado. March corn is steady and May soybean meal is down $1.30. The Dow Jones Industrial Average is down 821.91 points and the NASDAQ is down 258.80 points.

LIVE CATTLE:

The live cattle complex ended the day lower, as traders are cautious not to be too supportive of the contracts without knowing what's going to develop with the looming potential of a strike at the JBS packing plant in Greeley, Colorado. April live cattle closed $2.75 lower at $239.25, June live cattle closed $2.07 lower at $235.45 and August live cattle closed $1.62 lower at $233.35. New showlists appear to be mixed, lower in Kansas and Texas, but higher in Nebraska/Colorado. Monday's slaughter is estimated at 106,000 head, incomparable to last week but 10,000 head more than a year ago.

Last week's trade was truly a rallying force as the futures complex traded higher throughout the vast majority of the week, and the fed cash cattle complex scored higher prices once again late on Friday when trade finally began to develop. Last week, Northern dressed cattle traded anywhere from $380 to $388.50, but mostly at $388, which is $7.00 higher than the previous week's weighted average. Southern live cattle traded at mostly $249, which is $1.00 higher than the previous week's weighted average. Last week's negotiated cash cattle trade totaled 74,704 head. Of that 86% (64,460 head) were committed to the market's nearby delivery, while the remaining 14% (10,244 head) were committed to the market's deferred delivery option.

Boxed beef prices closed higher: choice up $2.52 ($369.22) and select up $3.57 ($364.31) with a movement of 75 loads (44.02 loads of choice, 7.54 loads of select, 9.84 loads of trim and 13.94 loads of ground beef).

TUESDAY'S CATTLE CALL: Steady/somewhat higher. Packers were able to get some cattle purchased and committed to the nearby delivery last week, but with supplies thin, they're going to need to remain engaged in the market to ensure they have enough supplies moving forward.

FEEDER CATTLE:

In keeping with the alignment of the live cattle market and its direction, the feeder cattle contracts closed lower as traders weren't willing to push the feeder cattle contracts higher at a time when the live cattle contracts were trading lower. March feeders closed $3.72 lower at $364.30, April feeders closed $3.70 lower at $361.35 and May feeders closed $3.02 lower at $357.97. At Joplin Regional Stockyards in Carthage, Missouri, compared to last week and at their midsession point, feeder steers were trading anywhere from $10.00 lower to $15.00 higher. Feeder heifers under 550 pounds were selling $5.00 to $10.00 lower, but the heavier-weighted heifers were traded steady to $10.00 higher. Feeder cattle supply over 600 pounds was 65%. The CME feeder cattle index 2/20/2026: down $1.57, $375.80.

LEAN HOGS:

With the slight uptick in pork demand and no fear of nearing resistance pressure in the futures complex, the lean hog complex closed higher Monday afternoon. April lean hogs closed $0.02 higher at $93.70, June lean hogs closed $0.50 higher at $108.32 and July lean hogs closed $0.50 higher at $110.35. Hog prices closed higher on the Daily Direct Morning Hog Report, up $2.32 with a weighted average price of $91.28 on 5,601 head. Pork cutouts total 239.00 loads with 211.67 loads of pork cuts and 27.33 loads of trim. Pork cutout values: up $1.79, $97.40. Monday's slaughter is estimated at 489,000 head, incomparable to last week but 1,000 head more than a year ago. The CME lean hog index 2/19/2026: up $0.36, $87.95.

TUESDAY'S HOG CALL: Steady. Packers showed modest interest in the cash hog market on Monday, and they'll likely need more hogs, but prices may hold steady.

Monday Midday Livestock Market Summary - Cattle Sink Lower Amid External Pressure

GENERAL COMMENTS:

The cattle complex is seeing a lot of pressure Monday morning thus far as external factors are driving the futures lower. But with a slight uptick in pork demand, the lean hog complex continues to scale higher. New showlists appear to be mixed, lower in Kansas and Texas, but higher in Nebraska/Colorado. The Down Jones Industrial Average is down 819.11 points and the NASDAQ is down 289.93 points.

LIVE CATTLE :

The live cattle complex is trading mostly lower as traders cautiously enter the new week, hoping fundamental support will again surface and help guide the contracts higher. But thus far throughout Monday's trade the complex has traded lower, as caution remains the underlying theme. April live cattle are down $2.45 at $239.55, June live cattle are down $2.10 at $235.52 and August live cattle are down $1.72 at $233.25. The pressure seems to stem from a number of different sources, as traders have noted the downturn in the equity markets, are aware of the uptick in the grain complex, and are also mulling around last Friday's Cattle on Feed report. Nevertheless, it seems as though the market will likely keep its mundane attitude through Monday's close. New showlists appear to be mixed, lower in Kansas and Texas, but higher in Nebraska/Colorado.

Last week Northern dressed cattle traded anywhere from $380 to $388.50, but mostly at $388, which is $7.00 higher than the previous week's weighted average. Southern live cattle traded at mostly $249, which is $1.00 higher than the previous week's weighted average.

Boxed beef prices are higher: choice up $1.28 ($367.98) and select up $3.09 ($363.83) with a movement of 51 loads (26.85 loads of choice, 4.38 loads of select, 8.94 loads of trim and 10.48 loads of ground beef).

FEEDER CATTLE:

The feeder cattle complex is also lower as traders aren't willing to advance the feeder cattle market at a time live cattle contracts are lower and grain prices are seeing a modest jump. March feeders are down $4.15 at $363.87, April feeders are down $4.30 at $360.75 and May feeders are down $3.62 at $357.37. And at this point it's very unlikely the market will change its direction and turn higher ahead of the day's close as a doggish attitude is currently overwhelming the market.

LEAN HOGS:

The cattle contracts may be trading lower, but the lean hog complex is keeping with its current trend and continuing to trade higher as traders are pleased with the morning uptick in pork demand, and once again aren't up against immediate pressure of hitting technical resistance. April lean hogs are up $0.65 at $94.32, June lean hogs are up $0.95 at $108.77 and July lean hogs are up $0.90 at $110.72.

The projected CME Lean Hog Index is delayed from the source. Hog prices are higher on the Daily Direct Morning Hog Report, up $0.65 with a weighted average price of $89.61, ranging from $87.00 to $92.00 on 1,776 head and a five-day rolling average of $89.33. Pork cutouts total 165.65 loads with 143.52 loads of pork cuts and 22.13 loads of trim. Pork cutout values: up $2.26, $97.87.

Monday Morning Livestock Market Update - Cattle Futures Are Expected to Open Higher

GENERAL COMMENTS:

Cattle futures closed lower despite ongoing positive fundamentals. Traders decided to err on the side of caution ahead of the cash trade and the Cattle on Feed report. Surprisingly, traders were cautious despite some light trading ahead of the close, indicating higher cash trade. History has shown that even a negative Cattle on Feed report has had a negative reaction of limited duration. Yet, traders were cautious. Cash cattle traded higher, with Southern cattle $1.00 to $2.00 higher. Northern dressed cattle traded $6.00 higher. The Cattle on Feed report was neutral to slightly bullish, with Cattle on Feed at 98% of a year ago, placements at 95%, and marketings at 87%. The on-feed and marketings were close to expectations, while placements were 1.7% below expectations, providing the bullish aspect of the report. Cattle futures should trade higher today as traders focus on the fundamentals. Boxed beef prices were higher, with choice up $1.53 and select up $0.95. The Commitment of Traders report showed the fund traders adding 8,413 live cattle futures contracts, bringing their net-long position to 115,052. Traders added 797 long feeder cattle futures contracts, bringing their net-long positions to 18,766.

Hog futures closed higher as the market slowly regains the losses. It was expected that cash would be lower as packers showed little interest on Friday. However, that was viewed by traders as temporary and that packers were going to retain higher slaughter speeds and may be more aggressive this week. The National Daily Direct Afternoon Hog report showed cash down $2.08. Pork cutout values declined by $0.67. Hog futures may follow the strength that is expected in the cattle market, as continued high beef prices should support pork demand. The Commitment of Traders report showed the fund traders selling 17,245 futures positions, reducing their net long to 111,218 contracts.

	BULL SIDE		BEAR SIDE
1)	Placements in January were below the average trade expectation and 5% below a year ago. On-feed numbers were slightly below the average expectation.	1)	Cattle marketings in January were 3% below a year ago. This was in line with expectations and reflects the slower slaughter pace.
2)	Cash cattle traded higher as packers needed to step up to purchase what they needed. This will give traders confidence to buy into the market.	2)	Cattle futures may maintain a sideways pattern for the time being despite the neutral to friendly report.
3)	The hog market has been trending higher, regaining some of the losses of the recent downturn. Traders have been regaining confidence to buy into the market.	3)	Cash hogs continue to struggle to move above and maintain a cash price above $90.00.
4)	Hog futures should gain support from a higher cattle market, as higher beef prices should stimulate higher pork demand.	4)	The higher slaughter pace has not tightened the hog supply. Packers have little difficulty purchasing what they need without being too aggressive.

Friday Closing Livestock Market Update - Cattle Close Lower, Waiting to See What Afternoon Revealed

GENERAL COMMENTS:

The livestock complex ended the day mixed. Cattle contracts were hesitant, not knowing what the cash cattle market or USDA Cattle on Feed report were going to amount to. But the lean hog complex closed higher, as traders have found some technical support and interest. March corn is up 1 3/4 cents per bushel, and March soybean meal is up $5. The Dow Jones Industrial Average is up 230.81 points, and the NASDAQ is up 203.34 points.

LIVE CATTLE:

The live cattle complex closed lower as traders were apprehensive to push the contracts higher ahead of seeing what the fed cash cattle market was going to do or before they could see what Friday afternoon's Cattle on Feed report revealed. The Cattle on Feed report turned out to be neutral to slightly bullish. And based on what cash cattle trade has developed, it's trend has been higher too. (Look for more on the Feb. 1 Cattle on Feed report in the DTN Ag News menu.)

At the time of this writing, only a handful of cattle had sold in the South, but prices were marked at $249, which was $1 higher than last week's weighted average. But Northern cattle had traded at mostly $388, which was $7 higher than last week's weighted average. Given that only a small handful of cattle had traded in the South, it wouldn't be surprising to see that price improve when more cattle begin to be traded, as feedlot managers are keenly aware of the market's limited supply of market-ready fats. 

Friday's slaughter is estimated at 89,000 head -- 3,000 head more than a week ago and 19,000 head less than a year ago. Saturday's slaughter is projected to be around zero head of cattle. The week's total slaughter is estimated at 516,000 head -- 25,000 head less than a week ago and 48,000 head less than a year ago.

Boxed beef prices are higher: choice up $1.53 ($366.70) and select up $0.95 ($360.74) with a movement of 106 loads (75.66 loads of choice, 4.41 loads of select, 21.32 loads of trim and 4.78 loads of ground beef).

MONDAY'S CATTLE CALL: Higher. With supplies thin, it's likely that the trend is going to continue to inch higher until later in the year.

FEEDER CATTLE:

The feeder cattle complex followed in the direction of the live cattle market, as traders weren't willing to push the contracts ahead of a big-hitting afternoon where the fed cash cattle market was still up for discussion. And the Cattle on Feed report was obviously released after the day's close, too. March feeders closed $2.25 lower at $368.02, April feeders closed $2.60 lower at $365.05 and May feeders closed $2.57 lower at $361. The Oklahoma Weekly Cattle Auction Summary shared that compared to last week and throughout the entire state, feeder steers traded steady to $3 higher, and feeder heifers traded $2 to $8 higher. Steer calves over 450 pounds sold $4 to $5 higher, but steers under 450 pounds sold $15 to $20 higher. Heifer calves weighing over 450 pounds traded $4 to $9 higher, but heifers under 450 pounds sold $9 to $11 higher. Feeder cattle supply over 600 pounds was 64%. The CME feeder cattle index 2/19/2026: up $0.45, $377.37.

LEAN HOGS:

Although the cattle contracts had to be a tick cautious heading into Friday's closing, the lean hog complex was able to continue with its minor rally, as traders weren't up against any immediate resistance threshold. April lean hogs closed $0.22 higher at $93.67, June lean hogs closed $0.65 higher at $107.82, and July lean hogs closed $0.87 higher at $109.85. And again, on Friday afternoon, the market's support didn't come from strong fundamentals, as pork cash prices and pork cutout values closed lower. Hog prices are lower on the Daily Direct Afternoon Hog Report, down $2.08 with a weighted average price of $88.96 on 1,513 head. Pork cutouts total 254.64 load with 223.39 loads of pork cuts and 31.26 loads of trim. Pork cutout values: down $0.67, $95.61. Friday's slaughter is estimated at 460,000 head -- 14,000 head more than a week ago and 6,000 head less than a year ago. Saturday's slaughter is projected to be around 144,000 head. The CME lean hog index 2/18/2026: up $0.40, $87.59.

MONDAY'S HOG CALL: Lower. Packers rarely show much interest in the cash hog market on Mondays.

Friday Midday Livestock Market Update - Cattle Trade Lower

GENERAL COMMENTS:

The livestock complex is trading mixed into Friday's noon hour as the cattle contracts dip slightly lower ahead of seeing this afternoon's Cattle on Feed report and upon not seeing any fed cash cattle trade yet. Bids are currently on the table live at $245, but no cattle have sold. March corn is up 2 1/4 cents per bushel and March soybean meal is up $6.90. The Dow Jones Industrial Average is down 110.11 points and NASDAQ is up 87.11 points.

LIVE CATTLE:

The live cattle complex is trading mildly lower as the market continues to wait for some fed cash cattle trade to develop. Bids are currently on the table in both regions, with live prices being offered in both the North and the South at $245, but no cattle have traded yet. And there's a chance that feedlot managers may hold out until after this afternoon's Cattle on Feed report is released before they sell any cattle. In the meantime, the live cattle contracts are trading slightly lower as traders try to remain patient, but there's yet to be anything substantially developed from a bullish fundamental perspective to help boost the futures market moral. February live cattle are down $0.10 at $247.40, April live cattle are up $0.75 at $242.65 and June live cattle are up $0.55 at $238.32.

Boxed beef prices are higher: choice up $1.50 ($366.67) and select up $1.26 ($361.05) with a movement of 65 loads (54.27 loads of choice, 2.46 loads of select, 4.79 loads of trim and 3.66 loads of ground beef).

FEEDER CATTLE:

Keeping in alignment with the live cattle complex, the feeder cattle contracts are also trading lower into Friday's noon hour. March feeders are down $0.75 at $369.47, April feeders are down $1.07 at $366.57 and May feeders are down $0.87 at $362.67. And unless the direction of the live cattle contract's change, it's unlikely that the feeder cattle contracts will find much more support ahead of the afternoon's close, even though demand is strong for calves and feeders and the Cattle on Feed report is expected to be bullish.

LEAN HOGS:

The lean hog contracts continue to scale higher as traders are not currently up against any immediate fears of resistance pressure. April lean hogs are up $0.45 at $93.90, June lean hogs are up $0.77 at $107.95 and July lean hogs are up $0.92 at $109.90. And yes, pork cutout values are still lower, but traders don't feel like they need an abundance of fundamental support given that they're not challenging technical resistance pressure right now.

The projected lean hog index for 2/19/2026 is up $0.36 at $87.95, and the actual index for 2/18/2026 is up $0.40 at $87.59. Hog prices on the Daily Direct Morning Hog Report average $88.96, ranging from $86.00 to $92.00 on 1,353 head and a five-day rolling average of $88.96. Pork cutouts total 181.28 loads with 163.70 loads of pork cuts and 17.59 loads of trim. Pork cutout values: down $0.39, $95.89.

Friday Morning Livestock Market Update - Traders Cautious Ahead of Cash and the Cattle on Feed Report

GENERAL COMMENTS:

Traders had no direction from cash to determine the strength or weakness of futures. This resulted in mixed trade with nearby contacts, anticipating higher cash prices. However, the lack of definite movement in live cattle and lower prices for feeder cattle might have been influenced by the upcoming Cattle on Feed report to be released after the close today. The trade estimates cattle on feed on Feb. 1 at 98.5% of a year ago, with estimates ranging from 97.8% to 98.8%. Placements in January are estimated at 96.7% with a range of 92.7% to 99.5%. Marketings are estimated at 87.0% with a range of estimates from 86.7% to 88.0%. Despite traders remaining cautious ahead of the report, a bearish report may be short-lived as market fundamentals will override any bearish numbers. There would be an immediate reaction, but prices will correct to align with current fundamentals. Boxed beef prices were mixed again, with choice up $1.37 and select down $0.84.

Hog futures were able to rebound for the third consecutive day through the end of the year. Traders have not been enthusiastically buying back into the market, but it has been slowly trending higher. It was surprising to see the strength in the cash market. The National Daily Direct Afternoon Hog report was up $2.70. However, with the strong packer interest on Thursday, they have likely finished buying for the week. Pork cutout values were $0.72 higher. This combination should provide further support to the market today. The strong slaughter pace indicates continued strong pork movement.

	BULL SIDE		BEAR SIDE
1)	The Cattle on Feed report should be supportive with lower placements and a lower number of cattle on feed.	1)	The placement estimates have a large range again, and if the actual numbers are near the top of the range, selling would take place on Monday.
2)	The cash cattle trade is anticipated to be higher due to packers not having purchased many cattle ahead. They will need to pay more money to obtain them.	2)	Boxed beef prices cannot seem to find consistent support. This may indicate that demand might have reached a threshold.
3)	Traders are slowly stepping back into the market with long positions. The market was overdone to the downside and is now correcting.	3)	Hog futures may have difficulty regaining the losses of last week unless cash and cutouts find consistent support.
4)	Strong cash and higher cutouts on Thursday should provide further support to futures today.	4)	Packers are not expected to be aggressive today as they should have finished most of their purchases for the week.

Thursday Closing Livestock Market Update - Mixed Tones Follow Complex

GENERAL COMMENTS:

The livestock complex closed mixed, with the cattle contracts unable to collectively trade higher as they're skeptical do so before seeing what the cash market unveils this week. Still no cash cattle trade has developed and both bids and asking prices remain elusive. March corn is down 1 1/4 cents per bushel and March soybean meal is up $0.90. The Dow Jones Industrial Average is down 267.50 points and the NASDAQ is down 70.90 points.

LIVE CATTLE:

It was another mixed day for the live cattle complex as the market saw its nearby contracts maintain a slightly higher position, while the market's deferred contracts closed lower. More than anything, it seems as though traders soberly recognize the fact that fed cash cattle supplies will be thin well through the first quarter of the year, and potentially into the first part of the second quarter, which is likely why traders allowed the February through August 2026 contracts to close mildly higher while the rest of the deferred contracts closed lower. February live cattle closed $0.90 higher at $247.50, April live cattle closed $0.90 higher at $243.42 and June live cattle closed $0.45 higher at $238.87. Still no cash cattle trade has developed, and there's a chance that trade could be delayed until after Friday's Cattle on Feed report. 

Thursday's slaughter is estimated at 112,000 head, 3,000 head less than a week ago and 1,000 head less than a year ago.

Boxed beef prices are unavailable due to packer data submission issues.

FRIDAY'S CATTLE CALL: Higher. It's fully assumed that prices will be higher again this week when cattle do begin to trade.

FEEDER CATTLE:

The live cattle contracts may have been able to close slightly higher through Thursday's end, but the feeder cattle contracts weren't as fortunate, although their decline was minimal. March feeders closed $0.30 lower at $370.27, April feeders closed $0.35 lower at $367.65 and May feeders closed $0.65 lower at $363.57. At the Clovis Livestock Auction in Clovis, New Mexico, compared to last week, steer calves traded $5.00 to $15.00 higher, with instances even sharply higher; yearling steers traded $7.00 to $14.00 stronger. Heifer calves weighing 400 to 450 pounds traded $6.00 lower, while heifers weighing 450 to 600 pounds traded higher. Feeder heifers sold steady to $10.00 higher. Slaughter cows sold $2.00 to $4.00 higher and slaughter bulls traded $3.00 lower. Feeder cattle supply over 600 pounds was 38%. The CME feeder cattle index: not available at this time.

LEAN HOGS:

The lean hog complex had a mostly successful day, where the contracts were again able to inch slightly higher as they're no longer up against immediate resistance pressure. April lean hogs closed $0.90 higher at $93.45, June lean hogs closed $0.57 higher at $107.17 and July lean hogs closed $0.47 higher at $108.97. It was positive to note that pork cutout values closed stronger, which was mainly led by the butt's $4.41 increase. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $2.70 with a weighted average price of $91.04 on 4,390 head. Pork cutouts totaled 317.67 loads with 289.89 loads of pork cuts and 27.78 loads of trim. Pork cutout values: up $0.72, $96.28. Thursday's slaughter is estimated at 491,000 head -- 35,000 head more than a week ago and 21,000 head more than a year ago. The CME lean hog index 2/17/2026: up $0.06, $87.19.

FRIDAY'S HOG CALL: Lower. At this point, packers aren't likely to buy much more in the cash hog market this week.

Thursday Midday Livestock Market Update - Mixed Tones Drift Throughout Cattle Complex

GENERAL COMMENTS:

The livestock complex is trading mixed into midday Thursday, as the hog complex continues to be met with technical support, but the cattle complex would ideally like to see some support develop from the fed cash cattle market. Still no cattle have traded. March corn is down 2 3/4 cents per bushel and March soybean meal is up $0.50. The Dow Jones Industrial Average is down 262.93 points and the NASDAQ is down 64.03 points.

LIVE CATTLE:

The live cattle complex is trading mixed into midday Thursday, as the market is currently seeing its nearby contracts trading higher while the deferred months scale lower. It would appear as though the nearby contracts are trading higher, although no trade has developed yet in the fed cash cattle market, as traders know that supplies of market-ready cattle are going to be thin through the first quarter and potentially partway through the second quarter, which may be part of the reason why the February through June contracts are higher. February live cattle are up $0.47 at $247.07, April live cattle are up $0.52 at $243.05 and June live cattle are up $0.17 at $238.60. Absolutely nothing has developed yet in the fed cash cattle market, and there's a chance that trade could be delayed until after Friday's Cattle on Feed report.

Boxed beef prices are higher: choice up $1.30 ($365.10) and select up $0.05 ($360.68) with a movement of 54 loads (36.97 loads of choice, 9.47 loads of select, zero loads of trim and 7.16 loads of ground beef).

FEEDER CATTLE:

The feeder cattle contracts aren't as bullish this morning as traders yearn to see continued fundamental support before they'll likely push the contracts much higher. March feeders are down $0.22 at $370.35, April feeders are down $0.10 at $367.90 and May feeders are down $0.07 at $364.15. And another part of the market's cautiousness could be stemming from the fact that traders are holding a slightly more cautious position ahead of the Cattle on Feed report.

LEAN HOGS:

The lean hog complex is trading mostly higher into Thursday's noon hour as once again, trades aren't feeling pressured by any resistance thresholds following the past week's sharp downturn. April lean hogs are up $0.70 at $93.25, June lean hogs are up $0.45 at $107.10 and July lean hogs are up $0.37 at $108.87. Pork cutout values are up slightly, but not enough to make any impactful difference for traders.

The projected lean hog index for 2/18/2026 is up $0.40 at $87.59 and the actual index for 2/17/2026 is up $0.05 at $87.19. Hog prices are unavailable on the Daily Direct Morning Hog Report because of confidentiality. The only thing we can note from the report is that 3,665 head have traded this morning. Pork cutouts total 178.19 loads with 163.95 loads of pork cuts and 14.24 loads of trim. Pork cutout values: up $0.54, $96.10.

Thursday Morning Livestock Market Update - Hog Futures May Show Further Gains

GENERAL COMMENTS:

Cattle futures closed mixed after a lackluster day. The anticipation is for cash cattle to trade higher this week, but traders need to see greater evidence to support that idea. It would be surprising to see cash cattle trade today, as packers are hoping feedlots need to move cattle and will settle for steady money with last week. Feedlots know that packers have not surrounded themselves with many cattle. Higher offers are likely to be maintained, and packers will need to bid up to purchase what they need. The reduced slaughter pace has not yet resulted in the desired results of supporting boxed beef prices and backing up cattle. Boxed beef prices on Wednesday were mixed, with choice down $0.96 and select up $0.41. Feedlots continue to pay a premium for feeder cattle due to tight supplies.

Traders tested the upside of the hog market on Wednesday to see whether the market may have found support. With futures closing higher, it may provide more confidence for traders to buy more aggressively into the market today. The National Dairy Direct Afternoon Hog report showed cash up $0.11 on a good volume of hogs purchased. Packers are not likely to bid higher for hogs today, as much of the buying may be complete. Pork cutout values were down $0.32, indicating that current demand is not increasing as hoped. Weekly hog weights increased to an average of 292.0 pounds, remaining 2.4 pounds above a year ago.

	BULL SIDE		BEAR SIDE
1)	Feedlots will likely hold for higher cash due to packers likely being short-bought. They will need to purchase cattle aggressively.	1)	The choice/select beef price spread is currently below both last year and the three-year average. This may indicate consumers have reached a threshold.
2)	Feedlots continue to pay a premium for cattle as supplies are tight and they need to keep their pens full.	2)	Cattle traders may take a wait-and-see attitude today rather than buying futures aggressively ahead of cash trade.
3)	Hog futures have closed higher over the past two days, which may give traders confidence to buy into the market.	3)	Weekly hog weight increased by 0.5 pounds to an average of 292.0 pounds. This is 2.4 pounds higher than a year ago.
4)	The slaughter pace remains strong and above a year ago, keeping market-ready hogs from backing up in the market.	4)	Packers may not be aggressive the rest of the week, as they may have purchased most of the hogs they need.

Wednesday Closing Livestock Market Update - Hogs Trade Higher While Cattle Close Mixed

GENERAL COMMENTS:

The livestock complex closed mixed, with the cattle contracts seeing mixed support from traders, but the lean hog contracts were able to close fully higher. Still no trade has developed in the fed cash cattle market. March corn is up 3/4 cent per bushel and March soybean meal is down $1.90. The Dow Jones Industrial Average is up 129.47 points and the NASDAQ is up 175.25 points.

LIVE CATTLE:

Following Tuesday's wild rally, the live cattle complex had a less enthusiastic day throughout Wednesday's trade as the market closed mixed. More than anything, traders simply didn't seem to feel comfortable boldly advancing the complex without seeing additional fundamental support develop first. February live cattle closed $0.05 higher at $246.60, April live cattle closed $0.27 lower at $242.52 and June live cattle closed $0.02 lower at $238.42. No trade has surfaced yet in the fed cash cattle market, and trade is likely to be delayed until Friday again this week. 

Wednesday's slaughter is estimated at 113,000 head, 3,000 head less than a week ago and 4,000 head less than a year ago.

Boxed beef prices closed mixed: choice down $0.96 ($363.80) and select up $0.41 ($360.63) with a movement of 111 loads (79.49 loads of choice, 9.16 loads of select, 12.00 loads of trim and 9.96 loads of ground beef).

THURSDAY'S CATTLE CALL: Higher. With fed cash cattle supplies thin, it's assumed that prices will trend higher again this week.

FEEDER CATTLE:

The feeder cattle complex rounded out the day mostly higher, seeming to look to the strong demand in the countryside for calves and feeders, and not get discouraged by the lower trend in some of the live cattle contracts. March feeders closed $0.40 lower at $370.57, April feeders closed $0.17 higher at $368.00 and May feeders closed $0.42 higher at $364.22. At the Joplin Regional Stockyards in Carthage, Missouri, compared to last week, feeder steers under 800 pounds sold $5.00 to $20.00 higher. And yearling steers over 800 pounds sold $10.00 lower to $3.00 higher. Feeder heifers sold unevenly, ranging from $15.00 lower to $20.00 higher across most weights. Feeder cattle supply over 600 pounds was 68%. The CME feeder cattle index 2/17/2026: down $0.05, $376.02.

LEAN HOGS:

Although the market didn't see an uptick in pork demand, traders continued to advance the lean hog complex as they're no longer technically pressured by the market's resistance threshold following the severe sell-off over the past week. April lean hogs closed $0.25 higher at $92.55, June lean hogs closed $0.75 higher at $106.60 and July lean hogs closed $0.77 higher at $108.50. And although traders would ideally like to see the continued support of strong pork demand, they're technically in a position where they can trade the market higher without coming up against any resistance pressure, which is why they were able to advance the market again today. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $0.11 with a weighted average price of $88.34 on 8,246 head. Pork cutouts totaled 260.34 loads with 230.32 loads of pork cuts and 30.02 loads of trim. Pork cutout values: down $0.32, $95.56. Wednesday's slaughter is estimated at 488,000 head, 1,000 head more than a week ago and 7,000 head more than a year ago. The CME lean hog index 2/16/2026: up $0.07, $87.13.

THURSDAY'S HOG CALL: Lower. With packers having bought moderately over the last two days, they'll likely be less aggressive in the market on Thursday.